Streetbeat News

Labor Issues

PARA

The Motion Picture Editors Guild has ratified a new four-year contract with Nickelodeon, ending a six-month negotiation process. The contract, which was approved unanimously, will affect approximately 70 post-production members of the guild. The agreement includes wage increases ranging from 9% to nearly 70% over the next year. The last contract with Nickelodeon expired on February 28, meaning the new agreement's wage increases are retroactive to March.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 5:43 pm

AMZN

MSFT

Amazon is reportedly set to hire Microsoft's departing product chief. The move could potentially strengthen Amazon's product development capabilities.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 5:12 pm

F

GM

STLA

Treasury Secretary Janet Yellen stated that the U.S. economy shows no signs of a downturn, with inflation trending lower, a healthy labor market, and robust consumer spending. She also mentioned that it's too early to predict the potential impacts of the ongoing U.S. auto industry strikes. The strikes involve workers from Ford Motor Co, General Motors Co, and Stellantis N.V., who are demanding wage increases similar to the 40% increase CEOs have seen over the last four years.

Portfolio Pulse from Adam Eckert

September 18, 2023 | 4:48 pm

CURLF

GTBIF

Workers at Curaleaf Holdings, Inc.'s cannabis dispensary in Arizona, represented by United Food & Commercial Workers Local 99, held a peaceful rally advocating for their rights. The rally was triggered by the termination of a worker for his union activity and unilateral policy changes. The workers are demanding the reinstatement of the terminated worker and negotiations for a union contract. This follows a successful strike by workers at Green Thumb Industries Inc.'s Rise dispensaries, which resulted in a 50% wage increase.

Portfolio Pulse from Jelena Martinovic

September 18, 2023 | 4:22 pm

WMT

Walmart has decided to reduce the starting pay for new employees by about $1. Despite this, Walmart's stock price has been on a significant rise, reaching new record highs. Since November 2015, the stock has surged by 190%. The stock closed at $164.64 on September 15, trading down by 0.37%.

Portfolio Pulse from Zaheer Anwari

September 18, 2023 | 4:05 pm

M

Macy's, Inc. (NYSE:M) plans to hire over 38,000 full- and part-time seasonal positions for the upcoming holiday season across its Macy's, Bloomingdale's, and Bluemercury stores, as well as its distribution centers. The number of seasonal positions is consistent with those in 2022. The company will hold two nationwide in-person holiday hiring events on September 21 and October 19. Macy's offers competitive pay, with many positions starting at a minimum of $15 an hour, and various benefits.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 4:02 pm

BMWYY

F

GM

STLA

TSLA

Tesla Inc (NASDAQ:TSLA) is reportedly close to a manufacturing breakthrough that could revolutionize EV production, while BMW (OTC:BMWYY) announced its iconic high-performance car will get an electric version. Tesla's stock has risen 7% since September, and more than 150% year to date. Meanwhile, General Motors (NYSE:GM), Ford Motor (NYSE:F) and Stellantis N.V. (NYSE:STLA) are dealing with a UAW strike.

Portfolio Pulse from Upwallstreet

September 18, 2023 | 3:56 pm

AAPL

BABA

F

SBUX

SFTBF

TSLA

The article discusses various financial news. Bitcoin's value in 2021 was enough to purchase a Tesla Model Y. Softbank is exploring investing in OpenAI following a successful IPO of Arm Holding. Ford is facing strikes from UAW in the US and potentially in Canada. Apple's iPhone 15 Pro and Pro Max preorders are strong, and the company has major announcements for 2024. Starbucks has promoted Molly Liu to co-CEO of China Business. KKR acquires SingTel's regional data centre unit for $807M. Chevron's Australian gas facility resumes full production. China Evergrande Group's wealth management staff are detained. Novo Nordisk's Clayton plant faces quality control issues. Alibaba plans a $2B investment in Turkey.

Portfolio Pulse from Vandana Singh

September 18, 2023 | 2:26 pm

SPY

U.S. Treasury Secretary Janet Yellen has stated that the labor market is cooling, but this does not involve significant layoffs, according to CNBC. The SPY ETF, which tracks the S&P 500, may be indirectly affected by this news due to its broad exposure to the U.S. economy.

Portfolio Pulse from Benzinga Newsdesk

September 18, 2023 | 2:10 pm

F

GM

STLA

The United Auto Workers (UAW) strike against US auto giants General Motors Co. (GM), Stellantis N.V. (STLA), and Ford Motor Co. (F) enters its fourth day. The UAW has declined a 21% wage hike proposal from Stellantis, and talks with Ford have been reinitiated. The strike could potentially wipe out the annual profit-sharing checks of Detroit’s Big Three. In response to the strikes, the automakers have initiated temporary layoffs. The stocks of the three automakers have shown declines in premarket trading on Monday.

Portfolio Pulse from Piero Cingari

September 18, 2023 | 1:09 pm